Hi- I just closed a cash short sale. It didn't go any faster than the other short sales I'm involved in. It all really depends on which bank, is there a 1st & 2nd Mortgage?, Does the seller even qualify for a short sale?, Where are they at in the short sale process at the time you submit your offer? Have other offers already been submitted? How many short sales has the listing agent closed? How persistant are they?
Knowing which short sales to go after, and which agent to have on your side when working a short sale can determine whether it happens or not. I just closed a short sale that the bank denied because the appraisal came in a little high, so rather than giving up, you have to fight them on it, we disputed the appraisal.. got the bank to lower the appraised value which made the offer fit the % that the bank required they get.
You have to be persistent and make it happen!
Jamie Paddock/Principal Broker, Owner
Elite Realty Professionals